Content, progress and pedagogy of the module

The aim of this module is to provide the student with a basic introduction to economic theory, including an understanding of the economic system and the general economic policies in Danish and international economics.

The module is based on the understanding of the macroeconomic system, where the individual elements are reviewed. Including key concepts such as GDP and economic growth, inflation and unemployment, interest rates and exchange rates and their impact on business. The module reviews general economic theories and three main models for analysing the economy; first in the short term, then in the medium term and finally in the long term. These include: the commodity market model for an open and closed economy, the IS-LM model for an open and closed economy, the IS-LM-PC model and an introduction to Solow's growth model and determinants of economic growth.

The models are then used to understand how macroeconomic shocks and changes in economic policy in Denmark and internationally affect the economy and business in the short, medium and long term for an open economy with fixed and floating exchange rates, respectively.

Learning objectives

Knowledge

The objective is that the student after the module possesses the necessary knowledge on:

• and understanding of key socio-economic concepts and their importance for business.
• general economic policies and their impact on the company.
• socio-economic models and theories for analysing short-, medium- and long-term socio-economic issues for an open economy.

Skills

The objective is that the student after the module possesses the necessary skills in:

• select and apply relevant socio-economic theories and models to analyse concrete short-, medium and long-term socio-economic issues for an open economy.
• apply socio-economic theories and models to analyse the economic effects of economic policies and shocks and their implications for companies.

Competences

The objective is that the student after the module possesses the necessary competences in:

• independently identify socio-economic issues and independently organise and carry out a socio-economic analysis for an open economy in the short, medium and long-term.
• independently propose, discuss, analyse and evaluate economic policy instruments and their short, medium and long-term socio-economic effects on an open economy.
• reflect on the applicability and limitations of socio-economic theories and economic policies.

Type of instruction

For information see § 17.

Exam

Exams